Net financial debt
|NET FINANCIAL DEBT|
AS OF DEC 31 / € million
Other financial debt
Cash and cash equivalents and
Effects from currency hedges
Net financial debt
Net financial debt fell slightly as of December 31, 2021. The profit development at DB Schenker, the cessation of the dividend payment to the Federal Government and the Federal Government’s measures to partially offset losses resulting from Covid-19 were largely offset by a funding need, mainly in the Integrated Rail System, resulting primarily from the continued Covid-19-related strain on profit development, coupled with a simultaneously high funding need for capital expenditures.
- Financial debt increased:
- The euro value of the outstanding senior bonds was significantly higher due to the new issues. Exchange rate effects did not play a key role here as a result of closed hedging transactions.
- Leasing liabilities increased slightly. The conclusion of new leasing contracts and the extension of existing leasing contracts exceeded redemptions.
- Interest-free loans fell as a result of redemption.
- Other financial debt fell sharply, primarily as a result of the redemption of interim financing for the Covid-19 support measures of the Federal Government in the previous year.
- The foreign currency senior bonds are almost entirely hedged by corresponding derivatives against exchange rate fluctuations, so that exchange rate effects are mainly compensated through the offsetting position of the hedging transaction.
- Net financial debt fell slightly, as the increase in financial debt was lower than the significant increase in cash and cash equivalents.
The maturity structure and the composition of financial debt has changed:
- Current financial debt (up to one year) fell significantly as a result of the almost complete redemption of the interim financing for the measures planned by the Federal Government to partially offset losses resulting from Covid-19. In contrast, the share of financial debt with a maturity of one to five years increased.
- The composition of the financial debt has shifted significantly toward senior bonds. The share of bank debts in particular was down as a result of redemptions. The share of interest-free loans also declined further.